Galil Capital Completes a €7.9M Capital Increase

5 February 2019 – Eje Prime

Galil Capital is raising funds to continue growing its portfolio. The Socimi is going to increase its share capital by €7.9 million, compared with the figure of €8.74 million planned initially, according to a statement filed with the Alternative Investment Market (MAB).

Once the term for the preferential subscription and discretional allocation of shares has ended, Galil explained that the share capital will be increased by €6.59 million, corresponding to 658,710 new shares and to a total disbursement of €7.9 million.

The shareholders of the Socimi, controlled by the Israeli businessman Gil Avraham Shwed, approved the capital increase of up to €8.74 million last November. With this operation, promoted just one month after it raised €4.5 million in bank loans, the company is intending to finance the purchase of new assets.

Galil Capital started life in 2015 and specialises in the investment and management of properties in Madrid and Barcelona. The Socimi is led by Jerry Mandel, former CEO of Merrill Lynch, who is the founder and owner of GC Nadlan, the company that manages the real estate firm (…).

According to the latest available information, corresponding to June, Galil Capital’s portfolio comprises six assets, all of which have residential use, worth €31.36 million (…).

Original story: Eje Prime (by Marta Casado)

Translation: Carmel Drake

Quabit Conducts a €63M Capital Increase

18 May 2018 – Expansión

Quabit has completed, with an over-subscription, the €63 million capital increase through which it plans to raise funds to execute its Business Plan for 2022. The new shares are expected to start trading on 31 May.

The property developer received subscription orders for €62 million, more than 98% of the total, during the preferential subscription period. Moreover, during the period for the assignation of additional shares, requests were made for €53 million, which will be limited to just over €1 million on a pro-rata basis.

The property developer, which will increase its share capital by issuing 7 new shares for every 22 existing shares, has set the final subscription price at €1.80. The company’s shares closed trading yesterday at €2.095, 0.96% higher. “The excellent result confirms the confidence that the markets have in Quabit and is a resounding endorsement of our growth strategy”, said Félix Abánades, Chairman of Quabit (pictured above).

Quabit owns a portfolio of land spanning more than 1 million m2 for the construction of around 9,000 homes.

Original story: Expansión (by R. A.)

Translation: Carmel Drake

Vbare Completes €7M Capital Increase

3 August 2017 – Eje Prime

The Socimi Vbare has increased its share capital by more than €7 million. During the preferential subscription period, which ended on 22 July, 154,775 shares were subscribed in total, accounting for 19.63% of the total new shares offered under the framework of the capital increase.

During the discretional allocation period, which ended on 28 July, 391,914 shares were subscribed in total, accounting for 49.71% of the total new shares offered under the framework of the process.

“This capital increase has been performed in response to the demand from numerous investors to continue growing through the acquisition of a series of assets that have been identified and that fit with the company’s strategy”, said Vbare in a statement.

Last month, Vbare acquired two residential properties in Madrid as part of its portfolio growth policy. “The company is continuing to evaluate new investment opportunities in several locations”, said the company, which owns a portfolio of 196 homes in different areas of Madrid.

The company is a real estate investment vehicle, specialising in the acquisition and management of residential assets for rent. It debuted on the MAB on 23 December 2016. To date, the company has analysed assets worth more than €500 million.

Original story: Eje Prime

Translation: Carmel Drake

Realia Launches €147M Capital Increase

7 December 2016 – Expansión

Yesterday, Realia, the real estate company controlled by Carlos Slim, launched a preferential subscription period for its €147 million capital increase, through which the real estate group is seeking to strengthen its financial position and develop new projects.

Specifically, the company, in which Slim owns a 30.3% stake through his company Inversora Carso, and in which the construction company, FCC, which is also controlled by the Mexican businessman, holds a 37% stake, will put 184 million new shares into circulation, at a subscription price of €0.80 each. Both Carlos Slim and FCC are expected to participate in the capital increase.

In the prospectus, the company explains that the funds will be used to repay (early and in full) a loan granted by Inversora Carso, amounting to €20.4 million; and to make an early repayment of part of its loan with La Caixa, amounting to €92 million.

Moreover, the real estate group is seeking funds, which it will use to finance the construction of future residential developments.

Original story: Expansión (by R.A.)

Translation: Carmel Drake

Socimi Trajano Iberia Launches €47.2M Capital Increase

7 September 2016 – Expansión

The Socimi Trajano Iberia, which is listed on the MAB and managed by the real estate investment division of Deutsche Asset Management, is going to carry out a capital increase amounting to €47.2 million, with the aim of raising new funds to allow it to continue to benefit from the real estate cycle in Spain and Portugal.

The Socimi, which expects to have invested all of its initial funds (€182 million) by the end of this year, is on the look out for new investment opportunities.

On 14 June, Trajano approved a capital increase amounting to a maximum of €47,238,400, through the issue and placing into circulation of 4,723,840 new ordinary shares at €10/share, which represents a discount of 6% on the company’s current share price (of €10.65 per share) and 5% on its latest NAV, published at the end of 2015 (of €10.52 per share).

Trading of the subscription rights is expected to begin on 12 September and the preferential subscription period will last for one month.

The Company’s Board of Directors has ratified its plans to participate in the increase covering at least 58% of the maximum amount, which will amount to €27.5 million.

The team responsible for Deutsche Asset Management’s real estate division in Spain and Portfolio has undertaken transactions amounting to almost €1,000 million over the last 15 months and currently has a portfolio of assets under management amounting to around €1,300 million. To date, the Iberian portfolio comprises 17 real estate assets: 7 shopping centres, 7 office buildings and 3 logistics assets, with a combined leasable surface area of around 400,000 sqm.

Original story: Expansión

Translation: Carmel Drake

Realia Completes €89M Capital Increase

8 January 2016 – Expansión

Realia has successfully completed an €89 million capital increase to finance a debt repayment, which falls due on 29 January 2016. Carlos Slim, the controlling shareholder of the real estate company, took ownership of the shares that were left over following the conclusion of the preferential subscription period.

Specifically, Slim acquired shares in the capital increase corresponding to his 25.1% stake in Realia, which at the price set for the operation (€0.58 per share) resulted in an investment of €22.32 million. Moreover, the Mexican tycoon bought another 430,365 shares, which were left over following the conclusion of the preferential subscription period, which involved the investment of a further €250,000. FCC, the majority shareholder of Realia, with a 36.8% stake, also subscribed to its corresponding proportion of the capital increase.

Original story: Expansión

Translation: Carmel Drake

Lar Completes €134.9M Capital Increase

10 August 2015 – Expansión

The Socimi Lar España has completed a capital increase for 19.9 million shares, representing 50% of its capital, with demand exceeding supply by 9.2 times.

According to the company’s report to Spain’s National Securities Market Commission (CNMV), Lar España Real Estate’s shareholders subscribed 98.49% of the new shares during the preferential subscription period.

The Socimi has issued the shares with a nominal value of €2.00 and a premium of €4.76, and so has secured additional funding of €134.9 million in total, which it has earmarked for further investment.

During the preferential subscription period and the period for assigning additional shares, requests were received to purchase 183.5 million shares, however supply amounted to just 19.9 million shares.

The new shares will begin trading today (Monday 10 August 2015).

Original story: Expansión

Translation: Carmel Drake

Merlin Properties Completes Its €614M Capital Increase

8 May 2015 – Expansión

Merlin Properties has completed a capital increase amounting to €613.75 million following the subscription of 64.6 million shares in the listed real estate investment company.

The company will use the funds raised to finance new investment projects.

During the preferential subscription period, which ended on 2 May 2015, 64.5 million shares in Merlin were subscribed, representing 99.8% of the number offered, according to the company’s submission to Spain’s National Securities Market Commission (CNMV).

Moreover, during the period for assigning additional shares, 787 million additional shares in Merlin were requested, despite the fact that only 124,901 shares were available for placement.

In total, the shares subscribed during the preferential subscription period and the additional shares requested show that demand exceeded supply (the number of shares offered during the capital increase) by 13.2x.

The new shares, which will start trading on 12 May, represent 50% of the share capital of the company before the share increase and 33.3% of the share capital following the increase.

Merlin’s CEO, Ismael Clemente, highlighted the outstanding response to the capital increase and the great interest (sparked) amongst institutional investors in Spain.

On 15 April, the Board of Directors of Merlin Properties agreed to increase its share capital by €613.8 million.

At the time, it stressed that the shares issued would have a nominal issue value of one euro plus a premium of €8.50 per shares, which would result in the payment in cash of €9.50 for each new share.

Original story: Expansión

Translation: Carmel Drake